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That new listing number is a bit, um, high….. Interesting as a one-off.

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That damn Oracle guy is such a idiot! How dare he call the top in inventory a few weeks back. How dare he thinks he knows.

Youre welcome folks.

And I figured out why valley prices rent falling as fast as Vancouver prices. I’ll post that in a few days.

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Wow are we at 12k inventory in September! Never thought we would see such massive inventory number. Anyone remember when the last time we had 12k inventory? Surely this must mean the NDP are doing a great job.

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Hahaha. Please stop.

I’m torn whether to vote yes or no in the PR referendum. I want to punish the liars in power right now with a NO but that also means no hope for a new party to rise and get 5% of the vote. .

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It’s also doubly ironic because fall doesnt actually begin for another couple of weeks and people here have a rich history of calling the start of price drops prematurely.

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Chinese Tax Authorities Join Hunt for $21 Trillion in Overseas Assets The top story in the finance section on Tuesday morning is about the Chinese government’s hunt for hidden assets (and unpaid taxes) overseas. The article mentions Australia and New Zealand freezing accounts from customers who don’t identify if they are foreign taxpayers. It goes on to say many of the frozen accounts belong to Chinese residents, warns that more account freezes are coming and that in September, the Australian and New Zealand governments will begin sharing information with China’s tax department.

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Pretty sure this is something that could only be done at the Federal level. Where’s Boy Blunder?

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(August 31, 2018)

Maxime Bernier: Why my new political movement? Because Canada has been hijacked

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The local Chinese community went ALL SALT at a local Surrey No Frills store. Corn was $0.14 racha and they went bonkers. Pushing to get the corn. Road Salt 2.0.

Video making rounds on WhatsApp.

Comments SIDA?

I was expecting Indians but Damn Chinese in an Indian hood going beserk hahahah

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Condos are down MoM. That’s positive news for bears because that market has finally turned the corner. The big question now is how far it goes.

My expectation is that we trend downwards slowly. There isn’t any panic or fear out there yet. We’re barely into the worry stage. Sales are dead and that’s not going to change anytime soon. It’s the listings that matter now. Until we see a flood of listings, I don’t think we’re going to get the level of fear needed for a significant correction.

In some ways it’s hard to blame the NDP for higher YoY prices. They killed demand which is the only thing they could really affect in the short run. They don’t have much control over supply.

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Low sales makes sales mix even more prominent in the averages. Who knows at this point if the market is in decline (as in similar properties now selling for less than they did a year ago) or if the mix has changed.

Although if you separate out 1 and 2 bedroom condos as well as 2 and 3 bedroom townhouses (ignoring the studios, 3 bed condos and 1 or 4 bed townhouses) then Zolo also indicates a clear downwards trend over the past 6 months. MOI is hardly in bear territory, however.

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I sold my place recently (an above-average condo in Richmond), and now a better unit in my building has had to drop their asking price (per sq.ft) to what my sale price was in the spring. Other condos in my neighbourhood have dropped their asking prices to below what comparable units were selling for earlier this year. So from my perspective in Richmond, comparable condos are definitely down from the spring. There’s also a change in the sales mix, with the higher-end condo sales having slowed almost to a halt, and with developer-owned presale units in my area dropping their price-per-sq.ft to very close to the asking prices of resale condos. Presale assignment sales, on the other hand, are still asking crazy prices, and I haven’t seen a single assignment in my neighbourhood sell in the last 6 months.

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Detached home prices fell 2.8 per cent since May to $1,561,000, which is also down 3.1 per cent compared to the previous August. Attached home prices fell 0.8 per cent to $846,100 since May, but rose 7.9 per cent compared to August 2017. Condominium prices also dropped since May by 1.6 per cent to $695,500 — up 10.3 per cent from the same time last year.

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No wonder the city cant shut this down…the people running them are so sneaky and know how to hide…

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East side bungalows listing under 800k. Assessed 1.5m. Half off. Will there be a bidding war? How much is this house really worth? With such low volumes who knows? Take a blind stab at throwing 800k-1m plus at this house.

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7820, the other side of the duplex, was also listed until a week ago (R2301351). That address doesn’t show up on the BC Assessment website, but the house number is clearly visible in the photos that are on 7818’s listing.

So I’m going to make a bold guess that the original property was only recently split in half and the assessed value was for the whole.

Either way there’s something weird about this which demonstrates once again how futile cherry-picking examples is. No need to get so excited.

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Vancouver Real Estate Is Starting To Look Like A Disaster (even with prices going up)

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He’s raised $90k and he’s bragging about it.

He’s a lightweight who has no chance of winning more than his own seat (if that)

He can however, hand the election to Mr. Dress up but siphioning votes away from the Conservatives.

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Change doesn’t happen overnight. If you don’t vote for him then change will never happen. Right now none of the parties represent the interests of Canadians as a whole, just special interest. Not one of them is talking about lowering immigration even this is what the majority wants. If you don’t vote for Bernier then things will never change, even if it means handing the election over to Turd, sad as that is. He could win enough seats to pull a Green Party and wield some power.

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If we are going to have this open immigration then I’m going to advocate that as many Indians come here as possible. We will make one area of the province ours. Chinese are doing it so why not us?

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The big takeaway from that survey is only 6% want it increased, and yet no political parties talk against increasing it, like when the Liberals announced plans to increase it after some bogus special interest think tank proclaimed that we need to increase it, back a couple years ago. Plus, people are often afraid to say when being interviewed for fear of sounding xenophobic…so I’d say half of those saying they want to keep it the same really want it decreased.

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In polls most people say the politically correct thing. That is why Trump never had a chance according to the polls.

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Polling for projecting who wins the US Presidential election is based on polling in the electoral collages. At least it should be. Maybe those fake news polls actually were polling based on popular vote of places like California. It fooled you. And it looks like you still don’t understand how the US election works.

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Of course I know how the electoral college works. Nice diversion, though.

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I think the Conservatives did an excellent job for 15 years. Low taxes and balanced budgets. They were far from perfect but I was very pleased with what they did.

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I think a lot of people are coming to that realization. Harper is getting more liked and respected as time goes on. That’s what happens when you go from one of the best to the worst.

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“I think the Conservatives did an excellent job for 15 years.”

Harper and crew are no longer going to run things. Scheer is Trudeau light. The guy won the leadership by drawing in dairy farmers to vote for him who were never conservatives.

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They lowered the down payment to 5% and at one point introduced 40 year amortizations…yeah, great job Harper.

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“They lowered the down payment to 5% ”

Nope that was done by the Paul Martin Liberals which kicked off the bubble.

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I thought I recalled them changing to 0/40….and they did it when the market was already red hot…desperate to overheat the economy so they could win a majority next election since they only had a minority at the time. Yup, sound leadership…I really miss you Harper.

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See what Horgan announced?? Cancelling any public inquiry into money laundering and real estate.

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“Still think NDP hasn’t done enough”

What did they do? The BoC raised rates and we are seeing the effect. Still prices are up since the NDP took office despite B20 and several BoC rate increases.

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What did they do? Other than piss off a few local house rich seniors on fixed incomes.

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Hasn’t done Fuck all for me.

A $1 million place hasn’t fallen to $700,000 so what do icare about the $4 million dollar homes.

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Those are some bearish numbers. Three points make a trend so let’s see what happens in a month.

I think some sellers will transition from concern to fear now. Bad sales and falling prices will motivate even more price cuts.

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Imagine how many municipal politicians would hang. Most are NDP allies.

Too many people caught up in this mess. It’s not just the BC Liberals. This is Bingogate on steroids.

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The story about overseas buyers is about how many fools thought that there was a story and subsequently made the biggest financial decision of their lives out of fear and greed.

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My last landlord “owned” 5 houses “on behalf of” his cousin in China. And each year he refinanced the properties to borrow more against them…

My RBC mortgage broker, in 2016/2017 said that the majority of her clients were in China.

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You are so behind the 8 ball. It’s already happened. And the German report was compromised. Aka fake

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Yes, but only because he thinks an ‘internal inquiry’ might be more effective, but he essentially said that an inquiry is happening one way or another. Now start fabricating your next BS post.

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Bearish headlines all over the place, and it’s still only the beginning of the slide.

“Home sales – and prices – slump further in Metro Vancouver Overall benchmark prices are still higher than a year ago, but they’re on the slide, with detached home values dropping most”

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“Overall benchmark prices are still higher than a year ago”

What was the election promise again? Does that mean housing is more affordable or less affordable?

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What will you bitch about when prices turn negative year over year?

Or when prices are lower than they were when the NDP formed government?

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You should jump out of plane from 10,000 feet without a parachute…you’ll be able to yell to the world for a couple of minutes that you’re still higher than last year…and you’ll be right.

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“What was the election promise again?”

I’ll give you a hint – it wasn’t “Lower REBGV benchmark prices within one year”. See for yourself:

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I couldn’t find the part about benchmark prices being up after 1 year. I did see something about taxing foreign buyers on presales.

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If someone says they are going to stop a runaway car and they stop it; I do not complain that the car kept moving forward after the brakes were applied if it comes to a controlled stop. I would complain if it was driven into a bridge abutment but I assume that is how you would like to see the car stopped.

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To this point, housing is still less affordable than it was when they took power. They moved too slowly on the housing file while prices were still appreciating. The NDP should have talked the market down the minute they took power, but they didn’t. They sat on the file for the better part of a year.

That said, they deserve some credit for taking action and they did it in a real way, not superficially as I was expecting.

My criticism going forward is that some of their measures should have been ‘temporary’ measures. Popping any asset bubble carries serious risks.

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Minority governments generally do not get everything that they want and they move more slowly. While I would like them to do more is that realistic?

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The NDP can do what they want because Weaver has his nuts in a vice grip. He’s not taking the government down on anything. It might as well be a majority government at this point.

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Vancouver short-term rental listings drop almost 50% as new rules take effect Airbnb deactivates more than 2,400 listings in Vancouver

Holm said staff has investigated more than 2,650 short-term rental listings to date and since Sept. 1, 294 new addresses have been flagged for non-compliance and are subject to enforcement.

She added that the city built a “sophisticated data analytics system to address the complexity of tracking and managing” short-term rental listings and the city is tracking all platforms using third-party data scraping. “This week, we are starting enforcement and targeting unlicensed or invalid licenced online listings,” Holm said.

Fines can run up to $1,000 per offence. Holm said that could mean up to $1,000 per day, per platform.

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“Vancouver short-term rental listings drop almost 50% as new rules take effect”

That and it is September. Many short term rentals are only on for the Spring/Summer. Lets see what it looks like next year.

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I’m not sure how much of the problem is regulation versus the incompetence of the CRA. It’s much easier to target the middle class, than it is to understand international finance.

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“I’m not sure how much of the problem is regulation versus the incompetence of the CRA”

It’s not CRA’s job to go after money laundering per se, In fact the point of money laundering is to make the funds look legit so the parties involved usually report it as business income and pay the appropriate taxes.

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I’m not just referring to money laundering. I’m referring to the broad range of illegal money movement and transfers into Canada. It’s a poor excuse to say that if CRA takes a cut of the money, it’s not something they should go after. We’ve had a flood of billions of dollars into Canada through all sorts of sketchy means and a lot of that money has found it’s way into our real estate market. I’m sure they pay their municipal taxes, but a lot of sketchy stuff went on to get to that point. Does it make sense to you that owners of apartment buildings list ‘student’ as their profession? Does it make sense to you that a ‘homemaker’ owns a $10Million house and reports no income? The housing bubble in Canada has exposed our government as being incompetent at… Read more »

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“The housing bubble in Canada has exposed our government as being incompetent at much every level. It took a lot of failure to get to this point.” Well said. Incompetent at best, ignorant as the middle ground, corrupt at worst…The situation is so extreme that the usual mere incompetence and ignorance that generally attend human affairs are insufficient to account for the scope and magnitude of this disaster…so, it is likely corruption, attended by a cheering brigade of unwitting and witting 5th columnists.

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Yes. It makes sense that you can find an example of a $10m house owned by somebody with low income. Unless not being wealthy rather than a debt slave is now somehow considered to be suspicious behaviour?

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“In fact the point of money laundering is to make the funds look legit so the parties involved usually report it as business income and pay the appropriate taxes.”

Are you really that dumb? We are talking about people who flip houses claimed as principal residencies and pay no income or business taxes. They report it as income from a house sale which they then have the paper trail to back up – all tax free. They can then move the funds to anywhere in the world no questions asked. Or just buy more houses here no questions asked.

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David Eby slams ‘colossal failure’ of money-laundering law enforcement during Ottawa appearance

“Real estate links: Eby told the committee that money laundering in B.C. isn’t limited to casinos — there’s also strong evidence that illicit funds are being used to purchase real estate, helping to drive up housing prices. As German writes in his interim recommendations, “It has been said that, ‘everything in B.C. comes back to real estate.'”

Eby was instrumental in convincing the Federal Liberals that there is a huge money laundering problem in Canada that needs to be addressed.

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But I thought it was the BC Liberals fault? At least that is what he said 2 years ago. Now he has been in power 18 months he can’t do anything himself but whine?

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“Vancouver real estates is finally starting to cool down, but it’s doing so incredibly fast. Real Estate Board of Greater Vancouver (REBGV) numbers show growth deceleration in August. This is the sixth consecutive month we’ve seen price growth slow. The slowing growth is largely due to sales plummeting, while inventory begins to soar.”

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“But some real estate insiders in B.C. say there are segments of the market where things are considerably worse than the real estate board’s data suggest.”

“Realtor Ian Watt used independent figures from data-mining company SnapStats to determine that detached homes on Vancouver’s pricey west side have fallen by 26 per cent in the past year, to a median of $2.8 million, from $3.8 million a year ago.”

“The seeming collapse in house prices at the top end of the market could be the “canary in the coal mine” warning of a broader correction, realtor Stuart Bonner told the Vancouver Sun earlier this month.”

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“The price of the average townhouse also dipped, to just above $400,000”

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That’s seems a tad lower than $700K.

I thought Oracle said the valley was on fire.

Did he mean the forests or that they’re also having a lot of houses burning down under suspicious circumstances?

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Wow, $400k for a townhouse in Abbotsford. That is a steal. Time to buy. Let us know which one you get.

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“Economists cite tighter credit and unaffordable prices as the reason for the biggest fall in Sydney property prices for nine years. New figures this week show Sydney prices have fallen 5.6 per cent over the past year, while the national market fell 2 per cent.”

“This follows a similar pattern overseas, where property markets from London to Toronto are seeing price declines as central banks begin to unwind record-low interest rates, consumers balk at paying record high prices and regulators or banks impose tougher lending criteria on consumers.”

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upvote if you think we are at the beginning of a housing crash that will have a severe impact on the canadian economy.

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Perhaps some but not severe or at least not for long. It will rather have a positive impact in getting economy back on the right track in the long run.

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